Delmege to sell his stake in Sea Eagles

[zombie jesus]

Delmege to sell his stake in Sea Eagles
16 NOV 10 @ 06:36PM BY KELLY ROBINSON

THE man hailed as the Manly Sea Eagles’ saviour, Max Delmege, is on the verge of selling the company that owns his share in the club.

The northern beaches property developer yesterday confirmed he was in ``serious negotiations’’ to sell his company Surfside to former major sponsor Quantum.

Surfside owns a 37 per cent share of the Sea Eagles.

However, Mr Delmege said he would remain a shareholder of the company and said he would always retain an interest in the club.

``I’ve decided that Manly needs another strong financial partner,’’ he said. ``I was approached by our (former) major sponsor Quantum about whether I would be interested in letting them become shareholders. I agreed to sell them my entity that held the shares in Manly but I will still own a shareholding of that entity.’‘

Asked what power he would now hold at the club, Mr Delmege said: ``I don’t need the power of the board room.’‘

``Based on their financial strength, Manly can become stronger. We’re probably in the best position we’ve ever been in.’‘

Mr Delmege said despite the proposed sale, he could never completely walk away from the Sea Eagles.

``I would still retain an interest in the Sea Eagles,’’ he said. ``I helped them out in 2002 and I’ve been there from then to two grand finals. We had the best scoreline in history at 40-0.

Nobody else has done that. I could never completely disassociate myself from the club. I’ve got some fantastic memories with the Eagles. Do I think Manly needs another strong entity? Yes.’‘

Mr Delmege said the club needed someone like himself ... somebody who was determined to lead the club to great things’‘.

Mr Delmege has long been hailed as the club’s saviour.

In 2002, he helped pull it back from the brink of financial collapse and has since poured an estimated $15 million into the Eagles. The club was privatised at the start of 2004, when the Penn family secured an equal majority share with Mr Delmege.

However, the co-owners have been at loggerheads for the past few seasons with a very public war of words over a number of issues.

http://manly-daily.whereilive.com.au/news/story/delmege-to-sell-his-stake-in-sea-eagles/

 

[Scarves]

Max Delmege quits as Manly's co-owner and powerbroker
Exclusive by Dean Ritchie 16 NOV 10 @ 11:00pm.


MAX Delmege - the millionaire property developer and Manly fanatic who saved the Sea Eagles from ruin eight years ago - has quit as club co-owner and powerbroker.
Delmege is finalising arrangements to sell his 36 per cent stake in a move that will finally end the boardroom civil war that threatened to tear the club apart.

After outlaying $15 million over nine years at Brookvale, Delmege is negotiating to sell his stake in Manly to eco-hot water company Quantum, the club's major sponsor for the past two years.

Delmege will retain a small share - still to be negotiated - but will give up his two members on the club's seven-man board.

It now means Manly will be owned by Penn Sports (40 per cent), Quantum, Manly Leagues Club (9 per cent) and Manly football club (15 per cent).

Delmege, who saved Manly from financial ruin in 2002, will shortly announce he has sold Surfside Sea Eagles, the company which owns his share of the Sea Eagles.


"I've had a fair run," Delmege said yesterday. "This will give Manly another heavy-hitter and some more firepower. It will keep the Manly Sea Eagles heading in the right direction. That is a plus for Manly. You need more than one dominant shareholder in a football club. Aside from a few hiccups, I've had a good run - a few grand finals and, of course, 40-0 in 2008."

Delmege has signed a confidentiality clause stopping him revealing how much he will receive for Surfside Sea Eagles.

The Delmege family and Penn family - Manly's second co-owners - have long been at loggerheads.

Quantum finished its major sponsorship at the end of last season but there is an option to extend into 2011.

Delmege's two board members to be ousted will be son Brett and former Manly winger Jack Elsegood. Delmege will retain his place on the Manly Leagues Club board.Reminded he had saved Manly from extinction, Delmege said: "That's fair to say. I put my balls on the line and saved the place. I have spent a lot of money as shareholder and major sponsor. But at the end of the day it has given me enormous satisfaction."

Manly Leagues Club and Football Club chairman Bob Reilly said he welcomed Delmege's decision.

"Quantum's involvement will be good for the organisation," Reilly said.

"The more people involved in the organisation spreads the financial obligations in running the club. We have dealt with Quantum over the past few years and we welcome them to the table.

"Max has been fantastic and there is always a place for him at the club."

Penn was unavailable for comment yesterday while managing director of Quantum Phillip Sidney did not return calls.

-------------------
Sounds like he already has quit. Commercial Organisation - Quantum to take his share. No major sponsor as yet. Interesting times behind the scenes at Manly.

 

[zombie jesus]

Flying the nest
By Dean Ritchie From: The Daily Telegraph November 17, 2010 12:00AM

EVEN at the altar, it was a marriage destined for divorce.

Yesterday's revelation that Max Delmege would sell his share in the Manly Sea Eagles will be received with mixed emotions along Sydney's famous Northern Beaches.

To many fans, Delmege is a hero - the man who plunged $15 million into his beloved Sea Eagles and saved them from financial ruin in 2002.

But to others, it was certainly time for Delmege to walk. Had he stayed, Manly were essentially dysfunctional.

The relationship between the Delmege family and Penn family - Manly's other co-owners - was doomed from the start.

Put simply, the two families never got along.

It has simmered over the past year but there was a time when Manly were a political time bomb.

Virtually every member of the club was forced - or pushed - into one camp or the other.

This situation came amid constant speculation that Delmege was experiencing financial difficulties.

But each time the rumour started, Delmege - like an old scrapper - would bounce back.

The split between the two families sadly cost Grant Mayer his job as club CEO. Mayer had plenty of support at the club from chairman Scott Penn and head coach Des Hasler.

But Mayer somehow upset the Delmege faction - and he was gone.

Manly Leagues Club and football club chairman Bob Reilly became involved. His two organisations own 23 per cent of Manly.

Reilly was said to support Delmege but always publicly denied favouring one side over the other.

Hasler, through it all, has done a remarkable job to shield his players from the internal problems that engulfed the club.

To make the finals for six successive years, including two grand finals and one premiership, is a tribute to Hasler's headstrong ability to shut out his warring owners.

In the end, it reached a stage where Manly were financially stagnant.

One family was reluctant to inject money unless the rival family outlaid the same amount.

The Penn faction claimed Delmege's periodic payments were tardy.

It was probably time for Delmege to leave. The money can now start to flow again.

Delmege will forever be a saviour at Brookvale. Without Max Delmege, there wouldn't be a Manly Sea Eagles. They would sit alongside Newtown and Norths.

But Manly can now move forward. And the only way for that to happen was if one of their main shareholders moved on. Delmege has done that.

With the Penns and Quantum now in charge, the money can be released and the club can start to target marquee players.

Hasler has privately become frustrated at the lack of money as he watched some of his big names and key juniors walk away.

Those days are over.

Delmege said: "The supporters of Manly have treated me nice. Manly will always be like family to me.

"The players, staff, Eagles Angels, all wonderful people. I would never let them down."

He never did.

Sums it up nicely.

 

[CC_Eagle]

I don't usually have time for Dean Ritchie, but that article sums it up perfectly. A smooth and well run back office is imperative to consistent results on the field.

Having said that, there needs to be a statue of Max erected outside Brookie ; the guy is better than Jesus.

 

[eagles4eva]

I don't usually have time for Dean Ritchie, but that article sums it up perfectly. A smooth and well run back office is imperative to consistent results on the field.

Having said that, there needs to be a statue of Max erected outside Brookie ; the guy is better than Jesus.

He was certainly the saviour of the club, will be great to not hear negative crap in the media around boardroom brawling, here's for a connected well run club...